Genesis Research Announces Interim Results
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Genesis Research and Development Corporation Limited (GEN) | 3:56 pm, Thursday 21 August 2008 | GEN | 0.090 |
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Genesis Research and Development Corporation Limited
Results for announcement to the market
Reporting Period Six months to 30 June 2008
Previous Reporting Period Six months to 30 June 2007
Amount ($NZ 000's); Percentage change
Revenue from ordinary activities: 727; Up 6%
Loss from ordinary activities after tax attributable to
security holder.:(2,256); Down 26%
Net loss attributable to security holders.: (2,256); Down 26%
Interim/Final Dividend
It is not proposed to pay
Record Date Not Applicable
Dividend Payment Date Not Applicable
Comments: The increase in revenue from ordinary activities in
2008 was due to the accrual of Research and
Development Tax Credit.
As At 30 June 2008; As At 30 June 2007
Net Tangible assets per share $ 0.25 $ 0.27
Auckland, New Zealand, 21 August 2008 - Genesis Research and Development
Corporation Ltd (NZSX/ASX: GEN) today reported financial results better than
budget, including a cash balance at 30 June 2008 of $3.4 million (31 December
2007: $5.8 million).
The net loss for the period of $2.3 million (30 June 2007 loss: $3.0 million)
was substantially below budget due to cost savings and accrual of the new R&D
tax credit of $0.4 million.
Genesis Chief Executive, Stephen Hall, said, "Good progress has been achieved
during the period. Our people have been focused on important milestones and
have worked closely with several international collaborators.
"The novel gene silencing technology project which commenced early in 2008
has achieved all its early milestones and is making good progress with the
support of external resources in Australia and the USA. We are currently
seeking support for this project from the Foundation for Research Science and
Technology as we believe that it has the potential to provide significant
benefit to not only Genesis but also to New Zealand as a whole, supporting
interest from major international investors. The gene silencing technology
has the potential to compete with, and even achieve better results than the
antisense and RNAi technologies being developed by major global
pharmaceutical and biotechnology companies. We are in touch with those
companies that have an interest in this area and are looking forward to
establishing meaningful partnerships with them. The initial application of
our gene silencing technology will be in the significant reagents market with
subsequent use as a platform technology for development of human
therapeutics.
"The RNAi oncology programme has achieved interesting results for in vivo
delivery, but further development work for delivery to selected tissue types
is required. These studies are being undertaken in conjunction with several
commercial groups.
"The fully human antibodies produced for the Zyrogen programme by MorphoSys
in Germany are currently being tested in a disease model in Europe. Results
are expected shortly.
"There is a strong possibility that royalty and licensing revenue from
previously out-licenced projects will increase significantly within the next
12 months.
"The final payment for the sale of shares in BioJoule Ltd of $2.0 million was
due in August but has been deferred until December in conjunction with all
the other parties to the transaction, consistent with the Pure Power Global
funding programme and current market conditions.
"The recent consolidation of laboratory and office facilities on one level of
the current building will result in significant cost savings and greater
efficiency."
